Borrowing with a HELOC can be risky — but it dependsAnother great thing about HELOCs is that they don’t come with fixed repayments. However, interest will accumulate on what you borrow, until you repay the balance.
There’s another factor at play here that could make HELOCs a risky financial move for some: Home values have been skyrocketing this past year. “In 2018 when interest rates went up, we saw a drop in credit card payments, especially among consumers with a HELOC. It also led to higher bankruptcies among older consumers with HELOCs,” said Rebecca Oakes, AVP of Advanced Analytics at Equifax Canada, in a statement.
The Bank of Canada is expected to raise rates by 0.5 per cent as soon as April 2022. That would bump your interest up to 3.95per cent. If you earn a steady income and you need a set amount of money, like say for a home renovation project,
Source: Loan Digest (loandigest.net)
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